MORE BONDS AND “HIGH FINANCE” 155 
of the referendum feature of the new law. Able lawyers 
differed upon the question. The freeholders declined to issue 
the bonds “until directed to do so by a court of competent 
jurisdiction.” The question was taken into the courts by 
the friendly suit method. On July 8 the new act and the 
proposed bond issue was, by the Court of Errors and Ap- 
peals, declared valid. An instalment of $500,000 of the 
bonds was then, in August, 1898, sold. They were four 
per cent. gold bonds, similar as to form and time of ma- 
turity to those last issued. The sale was made under the 
sealed proposal method, as before. 
There were seventeen bids. The award was made to the 
Illinois Trust and Savings Bank, Chicago, and Mason 
Lewis & Co., Boston, on their joint bid of 112.199. The 
remaining $1,000,000 bonds of that authorized issue also 
brought a good premium. They were disposed of in like 
manner, $500,000 in 1899 and $500,000 in 1900. 
In the meantime methods had been devised for turning 
over to the Park Commission the premium realized on all 
these bonds, instead of retaining it in the sinking fund as 
theretofore. On August 3, 1900, the last $500,000 of this 
appropriation, together with $80,000 premium on the 
bonds, was turned over to the commission. 
Thus, within five years, the people of Essex County had 
raised and contributed in cash for the park system promised 
them for $2,500,000, more than $4,000,000. 
